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702 Retirement – TMRS (Texas Municipal Retirement System)
All regular full-time, regular part-time and probationary employees automatically
become members of Texas Municipal Retirement System (TMRS).
.01 Eligible employees contribute 7% of their salaries to the retirement fund through
payroll deduction.
.02 The City of Grapevine contributes a percentage of funds to provide the employee a
2:1 match.
.03 The City of Grapevine has a 5 year vesting requirement.
.04 An employee who has 5 or more years of creditable service is eligible for retirement
benefits at age 60.
.05 An employee may retire with full benefits after 20 years of creditable service at any
age.
.06 Certain employees may be eligible to purchase military service credits up to but not
to exceed 60 months of active duty.
.07 Participating employees do not have access to retirement funds.
.08 Employees have the option upon termination to withdraw their contributions plus
interest.
.09 A participant never has the option of withdrawing the City's match; it may only be
attained through one of the retirement plan options after meeting age and tenure
requirements.
.10 Effective January 1, 1992, all employees who are participants in TMRS have survivor
benefits in the event of the death of a vested employee.